Jackie Divono Wadsworth of Houston, Texas, the chief executive officer of IMS Securities, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer requested $954,700.00 in damages supported by allegations of negligent supervision, breach of fiduciary duty, and fraud in regard to real estate investment trusts effected in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01486 (June 9, 2017).
FINRA Public Disclosure confirms that Wadsworth has been identified in seven more customer initiated investment related disputes containing allegations of Wadsworth’s misconduct while employed with QA3 and InvestIN Securities Corp. Specifically, on August 2, 2001, a civil action regarding Wadsworth’s activities was brought in Potter County, Texas, which was settled to resolve accusations of deceptive trade practices, fraud, misrepresentation and negligence in regard to direct investment products.
On November 1, 2017, an arbitration panel rendered a $1.8 milion arbitratoin award against IMS Securities, Inc., Jackie Divono Wadsworth, Christopher David Gammon, Michael J. Spears, Joshua Patterson, and Stacey Rognon in Auguillard v. IMS Securities, Arbitration No. 16-01800 (Nov. 1, 2017),
Then, on December 7, 2001, an arbitration claim involving Wadsworth’s conduct was settled for $78,000.00 in damages supported by allegations that Wadsworth failed to supervise a registered representative’s direct participation program and limited partnership interest activities. National Association of Securities Dealers (NASD) Arbitration No. 00-04685 (Dec. 7, 2001). Another arbitration claim regarding Wadsworth’s activities was resolved for $275,000.00 in damages founded upon accusations including suitability, omissions, misrepresentations, negligence, and breach of contract concerning a registered representative’s reallocation of the customer’s assets from conservative to speculative, unregulated investments. The customer particularly alleged that Wadsworth failed to supervise the registered representative’s activities. NASD Arbitration No. 03-01727 (Feb. 6, 2004).
Subsequently, an arbitration claim involving Wadsworth’s conduct was settled for $17,500.00 in damages based upon allegations of misrepresentation, failure to supervise, breach of fiduciary duty, and breach of contract in reference to a tax advantaged stock loan. FINRA Arbitration No. 11-02601 (Aug. 23, 2011). Moreover, a customer filed an investment related arbitration claim involving Wadsworth’s conduct, where the customer sought $1,667,000.00 in damages supported by accusations that fiduciary duties to the customer were breached, and misrepresentations had been made regarding investments in real estate investment trusts. FINRA Arbitration No. 16-02356 (Aug. 19, 2016).
Thereafter, an arbitration claim regarding Wadsworth’s activities was resolved for $10,000.00 in damages based upon allegations that due diligence failed to be conducted on the customer’s real estate investment trust and direct participation program investments. FINRA Arbitration No. 16-03128 (Oct. 13, 2017). Another customer brought an arbitration action involving Wadsworth’s activities, seeking $1,233,805.00 in damages supported by accusations that securities were recommended and sold to the customer without reasonable due diligence having been conducted. The customer alleged that real estate investment trusts and equipment leasing products sold to the customer were misrepresented and unsuitable.
Wadsworth has been registered with IMS Securities, Inc. since February 14, 1994.
Guiliano Law Group
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